Hi everyone - just thought I'd give some historical perspective to give my view that I don't see any imminent threat of inflation in North America. What do I base this one? Popular culture from the late 1970's and early 1980's - the last time inflation reared it's ugly head. Inflation was on the national mind and was reflected in TV shows where the characters had to deal with it.
As an example, please view this link to an episode of "The Jeffersons" season 6 episode 24 "Once Upon A Time" from April, 1980 - at the height of our last episode of inflation.
The great dry-cleaning owner George Jefferson (played by Sherman Hemsley R.I.P.) is seeing his business getting squeezed - though his profits are up 15% because he increased his dry cleaning fees, his expenses are up even more, especially wages. In a parable along the lines of King Arthur's court, we see the dilemmas that King George faces.
However, in watching the episode, it's quite clear back then inflation existing in an environment of increasing wages.... I don't see this being much of a threat now!
Notable moments are as follows:
Part 1/2 - 00:45s - George talks about skyrocketing costs outpacing his revenue/price increases
Part 2/2 @ 4:13- In what must be an ex-presidential low, the now ex-president Jimmy Carter (this was broadcast in April 1980 - Ronald Reagan was the current president of the United States) is seen trying to be a 'white knight' to fight inflation, only to be cast out by King George. Perhaps president Carter hasn't been given his due, as he was the one to nominate Paul Volcker as chairman of the federal reserve form August 1979..But I digress
History may not repeat, it may just rhyme, but it's hard to see how more and more money will chase fewer and fewer goods to cause inflation if more and more money is held in with the banks and corporations and not being spent by the lowly 99%. Until the 99% get more money and jobs, there won't be any inflation!
Bye for now,
Here are the links to the TV episode:
Here are the links to the episode:
"The Jeffersons" Season 6, episode 24 part 1 of 2:
"The Jeffersons" Season 6, episode 24 part 2 of 2:
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